Company Info – 17.5.2023
Duell lowers outlook and guidance for financial year 2023 and enhances cost savings programme
Duell lowers its outlook and guidance for financial year 2023 due to weaker than expected market and lower sales. To adjust operating costs to lower than expected demand, Duell enhances cost savings programme to improve profitability with the aim of achieving savings in the financial year 2024.
New outlook and guidance for financial year 2023
The market and business cycle continues to be weak and uncertain. The continuing inflation and the overall economic environment have decreased consumer confidence. These factors will reduce predictability. Duell is adjusting its operating costs to meet lower than expected demand. Duell will continue to execute its growth strategy despite uncertain market conditions.
Duell expects net sales to be close to previous year’s level and adjusted EBITA to decrease from the previous year’s level in the current financial year ending 31 August 2023.
Company starts change negotiations in Finland and Sweden
Duell will initiate change negotiations on 23 May 2023 to enhance cost savings programme and to adjust operating costs to lower than expected demand. The change negotiations and cost savings programme are aimed at responding to structural changes in the company’s operating environment and at restructuring the organisation to meet the company’s long-term strategic objectives.
As part of the measures, the company will immediately start change negotiations in Duell Bike-Center Oy in Finland and Duell AB in Sweden. The estimated total number of reductions in the Duell Group is up to a maximum of 20 employees.